Installing OpenWRT

Currently installing OpenWRT requires you to access the bootloader using the serial port (3.3V level converter required).
Set up your server to serve the firmware image (openwrt-ramips-rt305x-wl-351-squashfs-sysupgrade.bin) using tftp.

NOTE: Rename it to a shorter name (or use a symlink), the bootloader truncates the filename to 50 characters!

Hit '2' after it shows "Board: Ralink APSoC DRAM: 32 MB 2*16 MB", followed by 'y', IP for the device, IP for the server, tftp filename.
The file will be transferred, flashed and booted automatically.
Congratulations, you are now running OpenWRT!
(Using '4' instead of '2' you can enter the uboot prompt)